a bachelor's degree in CS is about as useful as a bachelor's in Psychology, in terms of your actual ability to do the job. In other words, you're not. Probably even more so in CS than in psych.
The difference is the truly massive demand industry has for even half-trained, semi-competent software engineers, so they're willing to absorb the finishing costs a master's program would provide. Most honors graduates can be salvaged after a year or two of intensive mentorship.
The only problem is that you're getting a very specific skillset i.e. the skills you need to do the job you got hired for. That could be good, or it could be bad, depending on how well your goals and your employer's align.
On the balance, 10/10 would recommend a master's.
It should be mentioned that this is just for having and doing a good job in industry. If you want to teach or do research anyplace decent, that master's ain't gonna cut it.
I would not recommend a Phd unless you know exactly what you're getting into. It is an absolute requirement for a few fields, and an albatross around your neck for any other. It is also very expensive in terms of time and your career development. (Any decent program in the US will pay you a modest stipend to go full-time for a phd in CS.) And the academic job market is real, real ugly these days. Caveat emptor.
Firstly you need to make sure that the degree being offered is of quality. how do you figure that out ? The simplest model is just to just google the lecturers. See if they are from a top tier university.
The idea of going to university gets a really bad rep in HN but getting a degree is a lot like learning how to walk. Sure you will not create anything of substantial value for 4 years. But a degree gives you a structure that helps organize your knowledge and gives you a deep intuition that will allow you to actually create great products at the end of the road.
If you choose to do an online MS degree make sure its from a top-tier school and not from a "Degree Mill".
For e.g. http://www.cs.ox.ac.uk/softeng/
For one of these online degree mills, you might lose out.